Ziegler Closes $28 Million MRC Crestview Financing
December 14 2011 - 2:52PM
Marketwired
Ziegler, a specialty investment bank, is pleased to announce the
successful closing of a $28,295,000 non-rated bond issue for MRC
Crestview. MRC Crestview, d/b/a Crestview Retirement Community, is
located on 14 acres in Bryan, Texas. Ziegler served as sole manager
for the Series 2011 Bonds.
MRC Crestview is a Texas non-profit corporation originally
formed in 1962. In 1970, Crestview became part of Methodist
Retirement Communities (MRC), a Texas non-profit system that
provides management and related support services to MRC Crestview
and other affiliated entities. MRC ranks #88 on the LeadingAge
Ziegler 100, a list of the largest not-for-profit senior living
providers in the nation.
Due to the aging of the existing community, MRC Crestview
engaged Greystone Communities to assist in providing development
services towards implementing a repositioning of the campus in a
two-phased approach. The improvements which constituted Phase I,
which was funded with a Ziegler underwritten Series 2010 bond
issue, consisted of the construction of an assisted living center
with 48 assisted living suites and 18 memory support suites, as
well as a health center consisting of 48 skilled nursing beds and
related common areas undertaken on seven acres of undeveloped
land.
Proceeds of the Series 2011 Bonds will be used to fund Phase II
of the redevelopment plan consisting of demolishing the existing
community and constructing 92-entrance fee based independent living
units and additional common areas for the residents. The new
independent living units are 100% pre-sold with a waiting list of
more than 40 persons at the time of pricing of the Series 2011
Bonds. Additionally, bond proceeds will be used to fund debt
service reserve funds for the Series 2011 Bonds, fund capitalized
interest for 22 months, and pay a portion of the costs of
issuance.
The Series 2011 Bonds consist of $11,500,000 in temporary debt
to be redeemed from initial entrance fees after establishing
reserves and $16,795,000 in permanent debt that will amortize with
the Series 2010 Bonds to provide aggregate level annual debt
service. As with the Series 2010 Bonds, there will be a funded
liquidity support agreement in the amount of $1,000,000.
Ziegler is one of the nation's leading underwriters of financing
for non-profit senior living providers Ziegler offering investment
banking, financial risk management, merger and acquisition
services, investment management, seed capital, FHA/HUD, capital and
strategic planning as well as senior living research, education,
and communication. Rich Scanlon, Managing Director in Ziegler's
Senior Living practice, commented, "Crestview has had a 40 year
reputation for providing quality senior services in the
Bryan/College Station market. The influence of a new management
team at MRC is clearly seen on this complex repositioning which
will improve the quality and breadth of services that MRC will be
able to provide in that market area."
For further information on the structure and use of this issue,
please see the Official Statement located on the Electronic
Municipal Market Access system's Document Archive.
For more information about Ziegler, please visit us at
www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its
affiliates (Ziegler) is a specialty investment bank with unique
expertise in complex credit structures and advisory services.
Nationally, Ziegler is ranked as one of the leading investment
banking firms in its specialty sectors of healthcare, senior
living, religion and education finance, as well as corporate
finance and FHA/HUD. Headquartered in Chicago, IL with regional and
branch offices throughout the U.S., Ziegler creates tailored
financial solutions including bond financing, advisory, private
placement, seed capital, M&A, risk and asset management.
Ziegler serves institutional and individual investors through its
wealth management and capital markets distribution channels.
Certain comments in this news release represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. This client's experience
may not be representative of the experience of other clients, nor
is it indicative of future performance or success. The
forward-looking statements are subject to a number of risks and
uncertainties, in particular, the overall financial health of the
securities industry, the strength of the healthcare sector of the
U.S. economy and the municipal securities marketplace, the ability
of the Company to underwrite and distribute securities, the market
value of mutual fund portfolios and separate account portfolios
advised by the Company, the volume of sales by its retail brokers,
the outcome of pending litigation, and the ability to attract and
retain qualified employees.
This communication does not constitute an offer to buy these
securities. The offering is made only by the Official Statement and
through an appropriately registered representative. The Series 2011
Bonds may not be appropriate for all investors. Market value and/or
accrued interest will fluctuate during the period held, and, if
sold prior to maturity, the yield received may be more or less than
the yield calculated at the time of purchase. Discounted yields
herein are gross yields to maturity. Discounted bonds may be
subject to capital gains tax, rates of which will vary, so
investors should consult their own tax advisor with regard to their
personal tax situation. Interest on municipal bonds may be exempt
from federal income tax but may be subject to tax for residents of
certain states. For bonds designated AMT, taxes may exist for
certain investors. Ziegler will sell these bonds on a principal
basis.
The corporation or its officers, directors, stockholders, or
members of their families may at times have a position in the
securities mentioned herein and may make purchases or sales of
these securities. Not all call or put information is identified in
the description above. Please be sure to discuss any special
features with your Financial Advisor before deciding whether to
invest in these securities.
Christine McCarty 312 596 1617 Email Contact
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